Caporegime
- Joined
- 21 Jun 2006
- Posts
- 38,372
If you think current shortages are being caused by mining you are wrong.
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So if your a normal user and hate GPU mining,get over it.Try this
- Thread starter gerardfraser
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If you think current shortages are being caused by mining you are wrong.
I didn't say they were.
Deleted member 66701
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Deleted member 66701
This bit made me laugh:
If cryptoassets are given away to another person who is not a spouse or civil partner, the individual must work out the pound sterling value of what has been given away. For Capital Gains Tax purposes the individual is treated as having received that amount of pound sterling even if they did not actually receive anything.
"We'll tax you in GBP even if it's not worth any GBP"!
The jist of it seems to be, any increase in value from investing or total income from mining (minus expenses) is taxable.
Associate
Been farming on nicehash since last Friday evening, around 7pm. Been at it pretty much 24/7 since, with just a couple of hours break. So far i have gained £10.52. i guess probs nearly half that will be electric cost. At this rate i will be lucky to break £15 in 7 days. So about £60 a month, 700ish a year minus electric, does not seem that great for 24/7 mining. Projected income was £100+ a month £1200 a year with a 5700xt but with all the constant up and downs of the coin price seems that is not achievable. Sometimes it is saying 0.30p in 24hours projected other times £3.30 in 24hours projected
Associate
- Joined
- 8 Oct 2020
- Posts
- 225
Actually no you cannot claim any expenses from mining equipment or electricity this is direct from the government site
The following do not constitute allowable costs for Capital Gains Tax purposes:
- any costs deducted against profits for Income Tax
- costs for mining activities (for example equipment and electricity)
Associate
- Joined
- 20 Jun 2016
- Posts
- 1,308
Just out of interest, anyone mining with the 3090 and what kind of returns are you getting?
You can for Income Tax (I've been self-employed for 14 years). I don't think mining falls into Capital Gains Tax. That's for investing directly into a cryto-exchange.
Associate
- Joined
- 8 Oct 2020
- Posts
- 225
Nope this is specifically under the section capital gains tax! They are refering though to the case of people mining the coins and then holding onto them for a period of time as they increase in value. This would be be liable for capital gains tax
Isn't cryptocurrency classed as an asset now, rather than a currency. So in your analogy it's like being paid for work in ducks, or diamonds, not GBP.
give them a call explain what you are doing and ask them
HMRC have it wrong?
You better phone then, and tell them that as you are building the currency of the future, they better fall in line with you, rather than you fall in line with them
And that's what actually puts me off - tax problems down the road.
This tax thing is making me consider keeping it in my wallet until retirement. They can tax me then and it should be of massive value.
Deleted member 66701
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Deleted member 66701
Unless its not (I.e. because its been banned, superceded etc).
My totally unprofessional read of it sounded like you are liable for income tax on the then value of the cryptoassets earned directly from mining. You are then liable for capital gains tax on the additional profit if you hold and sell in future.
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